Grayscale Launches Smart Contracts Platform Fund for Cardano, Solana, Polkadot, Avalanche, Stellar

Grayscale Investments, the world’s largest crypto asset manager, has announced the launch of Grayscale Smart Contract Platform Ex-Ethereum Fund for Ethereum competitors, including Cardano (ADA), Solana (SOL), Avalanche (AVAX), Polkadot (DOT), Polygon (MATIC), Algorand (ALGO), and Stellar (XLM).

According to the report, GSCPxE is the 18th investment product and third diversified fund offered by the leading digital asset manager Grayscale.

GSCPxE is designed to provide investors with exposure to selected industry-leading smart contract platforms via a market capitalization-weighted portfolio designed to track the CoinDesk Smart Contract Platform Select Ex ETH Index.

Going by the report, since 16th March, GSCPxE or Fund has been consisting of the aforementioned assets. Their weightings are allocated as follows: Cardano (ADA) 24.63%, Solana (SOL) 24.27%, Avalanche (AVAX) 16.96%, Polkadot (DOT) 16.16%, Polygon (MATIC) 9.65%, Algorand (ALGO) 4.27%, and Stellar (XLM) 4.06%.

Reacting to the latest development, Grayscale CEO Michael Sonnenshein, said:

“Investor demand for diversified exposure has grown in parallel to the ongoing evolution of the crypto ecosystem. Smart contract technology is critical to the growth of the digital economy, but it’s still too early to know which platform will win – from attracting and retaining the most vibrant developer communities, to ensuring the platform is high-speed, flexible, and scalable.

“The beauty of GSCPxE is that investors do not have to choose one winner, and instead can access the development of the smart contract platform ecosystem through a singular investment vehicle.”

According to the report, the Fund is now open for daily subscription by eligible individuals and institutional accredited investors.

Jodie Gunzberg, CFA, Managing Director, CoinDesk Indices, also said:

“Many investors allocated to ETH given its explosive growth over the past year, so now there is demand to get exposure across the rest of the Smart Contract Platform sector. The CoinDesk Smart Contract Platform Select Ex ETH Index is designed to measure the market-capitalization weighted performance of the largest and most liquid digital assets, excluding ETH, that meet certain trading and custody requirements, and are classified in the Smart Contract Platform sector defined by CoinDesk Digital Asset Classification Standard (DACS).”

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